Servier to Acquire Day One Biopharma in $2.5 Billion All-Cash Deal at $21.50 a Share

Overview

• The acquisition will proceed via an all-cash tender offer followed by a second-step merger, with closing targeted for Q2 2026 pending U.S. antitrust clearance and a majority tender.
• Day One’s board unanimously recommended that shareholders tender their shares into the $21.50 offer.
• The agreement has no financing condition, includes customary non-solicitation provisions, and sets an $87.7 million termination fee.
• DAWN shares jumped about 66% after the announcement, reflecting a ~68% premium to the prior close and 86% over the 30-day VWAP.
• Servier is pursuing Day One’s lead asset, tovorafenib, for low-grade glioma, reinforcing its focus on rare and precision oncology.